NEW YORK, Nov. 3, 2021 /PRNewswire/ -- Oramed
Pharmaceuticals Inc. ("Oramed" or the "Company") (Nasdaq:
ORMP) (TASE: ORMP) (www.oramed.com), a clinical-stage
pharmaceutical company focused on the development of oral drug
delivery systems, today announced that it has entered into
definitive agreements with several institutional and
accredited investors for the sale and issuance, in a
registered direct offering priced at-the-market under Nasdaq Rules,
of 2,000,000 shares of the Company's common stock, at a purchase
price of $25 per share. The closing of the offering is
expected to occur on or about November 5, 2021, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive
placement agent for the offering.
The gross proceeds to Oramed from this offering are expected to
be $50 million, before deducting the
placement agent's fees and other offering expenses. Oramed intends
to use the net proceeds from this offering for working capital and
general corporate purposes.
A shelf registration statement (Registration No. 333-257926)
relating to the offered shares of common stock was filed with the
Securities and Exchange Commission ("SEC") on July 15, 2021 and was declared effective on
July 26, 2021. The offering of the
shares of common stock is being made only by means of a prospectus,
including a prospectus supplement, forming a part of an effective
registration statement. A final prospectus supplement and
accompanying prospectus relating to the shares of common stock
being offered will be filed with the SEC. Electronic copies of the
final prospectus supplement and accompanying prospectus may be
obtained, when available, on the SEC's website
at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at: (212) 856-5711 or
e-mail at: placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Oramed Pharmaceuticals
Oramed Pharmaceuticals Inc. (Nasdaq/TASE: ORMP) is a
platform technology pioneer in the field of oral delivery solutions
for drugs currently delivered via injection. Established in 2006,
with offices in the United States and Israel, Oramed
has developed a novel Protein Oral Delivery (POD™) technology.
Oramed is seeking to transform the treatment of diabetes through
its proprietary lead candidate, ORMD-0801, which is being
evaluated in two pivotal Phase 3 studies and has the potential to
be the first commercial oral insulin capsule for the
treatment of diabetes. In addition, Oramed is developing an oral
GLP-1 (Glucagon-like peptide-1) analog capsule (ORMD-0901).
For more information, please visit www.oramed.com.
Forward-looking statements: This press release
contains forward-looking statements. For example, we are using
forward-looking statements when we discuss the expected closing
date for the registered direct offering of the Company's common
stock and the use of proceeds from the offering. These
forward-looking statements are based on the current expectations of
the management of Oramed only, and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements,
including the risks and uncertainties related to the progress,
timing, cost, and results of clinical trials and product
development programs; difficulties or delays in obtaining
regulatory approval or patent protection for our product
candidates; competition from other pharmaceutical or biotechnology
companies; and our ability to obtain additional funding required to
conduct our research, development and commercialization activities.
In addition, the following factors, among others, could cause
actual results to differ materially from those described in the
forward-looking statements: changes in technology and market
requirements; delays or obstacles in launching our clinical trials;
changes in legislation; inability to timely develop and introduce
new technologies, products and applications; lack of validation of
our technology as we progress further and lack of acceptance of our
methods by the scientific community; inability to retain or attract
key employees whose knowledge is essential to the development of
our products; unforeseen scientific difficulties that may develop
with our process; greater cost of final product than anticipated;
loss of market share and pressure on pricing resulting from
competition; laboratory results that do not translate to equally
good results in real settings; our patents may not be sufficient;
and finally that products may harm recipients, all of which could
cause the actual results or performance of Oramed to differ
materially from those contemplated in such forward-looking
statements. Except as otherwise required by law, Oramed undertakes
no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. For a more detailed description of the risks and
uncertainties affecting Oramed, reference is made to Oramed's
reports filed from time to time with the SEC.
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Company Contact
Josh
Hexter
+1-844-9-ORAMED
office@oramed.com
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SOURCE Oramed Pharmaceuticals Inc.